Fee and commission income

Fee and commission income in 2013 contributed PLN 320.0 M to the PZU Group’s result, which is 34.9% higher than in the prior year.

Fee and commission income comprised mainly:

  • income on the management of the Złota Jesień open-ended pension fund assets. They amounted to PLN 168.5 m (a 3.9% increase compared with 2012). The contributions transferred by the Social Insurance Institution (ZUS) to the open-ended pension funds (OFE) increased from 2.3% to 2.8% of the base contribution;
  • income and fees from mutual funds and mutual fund management companies of PLN 82.9 m, i.e. PLN 66.9 m more than in the previous year, mainly as a result of the start of consolidation of real property funds from 2013;
  • commission on pension insurance administration fees. This amounted to PLN 48.7 m, namely 131.9% of their prior year’s value;
  • income from fees charged on investment contracts at the customer’s expense and risk. The PZU Group earned PLN 18.8 m, i.e. 14.5% less than in the prior year on these fees.